Earnings per Share

Basic earnings per share ("EPS") is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. For purposes of calculating basic EPS, weighted average common shares outstanding excludes treasury stock, unallocated employee stock ownership plan shares that have not been committed for release and deferred compensation obligations required to be settled in shares of Company stock.

Diluted EPS is computed using the same method as basic EPS and reflects the potential dilution which could occur if stock options and unvested shares were exercised and converted into common stock. The potentially diluted shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method. For the three and six months ended June 30, 2019 and 2018, the Company did not have any stock options outstanding.

2. Earnings per Share (continued)

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and six months ended June 30, 2019 and 2018:



	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2019		2018			2019		2018
	(Dollars in thousands, except per share data)

Net income (loss)	$	12,031	$	(14,742	)	$	26,950	$	(2,958	)

Basic earnings per share:
Weighted average shares outstanding - basic	111,553,203		111,360,278			111,544,339		111,360,278
Basic earnings (loss) per share	$	0.11	$	(0.13	)	$	0.24	$	(0.03	)

Diluted earnings per share:
Weighted average shares outstanding - diluted	111,553,203		111,360,278			111,544,339		111,360,278
Diluted earnings (loss) per share	$	0.11	$	(0.13	)	$	0.24	$	(0.03	)